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As the Federal Government initiates various reforms to boost the economy, the International Monetary Fund (IMF) has commended the steps with specific reference to the recently unveiled Single Window Trade Portal.

The global lender gave its support to the groundbreaking initiative, which is poised to streamline trade, increase revenue, and propel the country to the forefront of African economies.

The IMF’s intention to support was indicated during a meeting in Abuja between the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and a delegation from the IMF Fiscal Affairs Department, led by Marco Antonio, Technical Assistance Advisor for Revenue Administration 2.

The meeting highlighted the IMF’s strong support for the Single Window Trade project, which aims to streamline trade processes, increase government revenue, and enhance the ease of doing business.

The NSW trade portal is a cross-government website that opens a new era for trade facilitation by offering a single portal for trade actors, both Nigerian and international, to access a full range of resources and standardised services from different Nigerian government agencies. It facilitates trade by offering a platform for users to consult trade information online.

For example, tariff search, arrived vessels, regulatory guidelines, submit trade documents and track their trade transaction status online, pay online through e-payment facilities using credit card (this function to be deployed in the next phase), access help-desk, trouble tickets, and other support services online (for registered users), quickly reference important information on different government agencies involved in trade matters, as well as link to their websites through a convenient hub.

Antonio praised the NSW project, among other reforms, and inquired about how the IMF could provide further assistance for its successful implementation. On his part, Edun affirmed that the project was well underway, with approvals secured, a dedicated team in place, and a structured implementation plan.

He underscored the initiative’s potential to catalyse export growth, particularly with Nigeria on course to achieve 1.2 million barrels of daily oil production.

Describing the project as a transformative economic tool, Edun reiterated the government’s commitment to its success, citing the strategic leadership of President Tinubu and the support of the Nigeria Customs Service as key to its execution.

As Nigeria continues on its path to economic transformation, the Single Window Trade Project is poised to play a pivotal role. With the IMF’s endorsement, this initiative is expected to enhance trade efficiency, increase revenue, and stimulate economic growth, positioning Nigeria as a beacon of trade excellence in Africa.